Page 35 - TURKRptAug22

Moody's
S&P Fitch
Seven notches above investment
Aa3
Positive
AA-
Positive
AA-
Positive
Stable
Stable
Slovenia
Stable
Negative
Negative
Negative
Six notches above investment
A1
Positive
A+
Positive
A+
Positive
Stable
Stable
Stable
Negative
Negative
Negative
Five notches above investment
A2
Positive
A
Positive
A
Positive
Stable
Stable
Stable
Slovenia
Negative
Negative
Negative
Four notches above investment
A3
Positive
A-
Positive
A-
Positive
Stable
Slovenia
Stable
Stable
Negative
Negative
Negative
Three notches above investment
Baa1
Positive
BBB+
Positive
BBB +
Positive
Stable
Hyundai Assan, Croatia
Stable
Stable
Croatia
Negative
Negative
Negative
Two
Baa2
Positive
BBB
Positive
BBB
Positive
35 TURKEY Country Report August 2022 www.intellinews.com